Definitions of terms relevant to appraisal practice coming soon...
Fair Market Value:
Uniform Standards of Professional Appraisal Practice (USPAP):
Competency Rule: USPAP rules state that "An appraiser must: (1) be competent to perform the assignment; (2) acquire necessary competency to perform the assignment; or (3) decline or withdraw from the assignment."
Scope of Work Rule: For each appraisal, USPAP rules state "...an appraiser must: 1. identify the problem to be solved; 2. determine and perform the scope of work necessary to develop credible assignment results; and 3. disclose the scope of work in the report."